Topic: [2018-9-27] ‘Bitcoin accepted,’ says listing for Chester County house (Read 146 times)

‘Bitcoin accepted,’ says listing for Chester County house

http://www2.philly.com/philly/business/real_estate/bitcoin-real-estate-transactions-pennsylvania-delaware-20180927.html


REAL ESTATE

‘Bitcoin accepted,’ says listing for Chester County house

by Shannon Rooney, Real Estate Blogger



Earlier this year, real estate agent Michael Kelczewski sold the first property in Delaware advertising it would accept Bitcoin (though the buyer paid in dollars). Now he's offering to accept the cryptocurrency for a Pennsylvania property.

"The real estate industry remains anachronistically ossified," he said via email. "New forms of payment systems serve to provide tremendous growth potential by opening markets, especially internationally."

The four-bedroom Kennett Square home is part of the Longwood Reserve community, situated on a cul de sac. It boasts a great room with cathedral ceilings and a master suite with a fireplace.

Kelczewski said the listing is meant to expand buyers' conceptions of purchasing property.

"The Pennsylvania offering intends to further provide proof of concept while pushing real estate transaction boundaries," he said.

Kelczewski himself owns some of the cryptocurrency. "I hold a few coins within a 'long' position," he said. "I'm not sure if that classifies me as an investor."

The Delaware property was listed at $1.75 million, or roughly 174 Bitcoin. The property ultimately sold in dollars because of property transfer requirements, Kelczewski said. "In Delaware, lawful consideration specifies U.S. dollars," he said.
The Kennett Square home is listed for $744,900. The value of bitcoin fluctuates. On Sept. 25, 1 bitcoin was worth about $6,400 U.S. dollars, so the sale price is the equivalent of about 116 bitcoin.